Georgetown Trust Blog

Live in Belize: Take Advantages of the Qualified Retirement Residency Program

Posted by Georgetown Trust on May 19, 2015 12:12:00 PM

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After a visit to Belize, it is easy to see why so many individuals from around the world are drawn to this wonderful little country. The cost of living is incredibly affordable, making it an appealing choice to those on a budget, but it is also a beautiful destination boasting warm weather throughout the year, vibrant communities and all the modern amenities and comforts of home that residents might want.

After a visit to Belize, it is easy to see why so many individuals from around the world are drawn to this wonderful little country. The cost of living is incredibly affordable, making it an appealing choice to those on a budget, but it is also a beautiful destination boasting warm weather throughout the year, vibrant communities and all the modern amenities and comforts of home that residents might want.

Retirees, in particular, are drawn to Belize, and they are the ones who can most benefit from the QRP, or Qualified Retirement Residency Program.

This program allows international citizens to move to Belize and take advantage of several perks and advantages along the way, which encourages many retirees to embrace this new way of life in a tropical paradise.

Understanding the QRP

The Qualified Retirement Residency Program, or QRP, is designed to encourage retirees from around the world to move to Belize and live for all or part of the year. The program makes retiring in Belize much simpler than you might have imagined.

While retiring overseas can be a daunting task in some international destinations, Belize aims to streamline the process, make the requirements transparent and bring in a variety of expatriates who wish to live out their retirement in a scenic, warm and affordable destination.

Along with being able to retire legally in Belize, the QRP allows new residents to import their possessions, including a boat and a vehicle, without paying import taxes. You also won't be required to pay any local taxes on income generated outside of Belize as long as you are residing within the country.

While retirees certainly benefit from this arrangement, so does Belize. By stipulating minimum income levels for qualified retirees, Belize can guarantee that more income makes its way into the nation, strengthening the economy of Belize while simultaneously raising awareness about the appeal of the destination.

Eligible Candidates for the QRP

Although people of all ages enjoy living in Belize, only those who meet the eligibility requirements set in place by the Belize Government can quality for the QRP program.

The first restriction is age, since the program is only for those who are over 45. The second restriction is income level. Applications need to be able to prove that they can generate at least $2,000 per month through investments or retirement accounts, or they need to show that their net wealth more than covers that monthly minimum.

This financial information will have to be verified before you're accepted into the QRP program. If you have dependents like a spouse who is not yet 45, children living at home under the age of 18 or children under the age of 23 who are still at college, they will be automatically included in the program when you're accepted.

How to Begin the QRP Process

If you believe that you meet all of the eligibility requirements and you are ready to start your new life in the warm and scenic country of Belize, then it is time to get started. 

The application form for residency is available through the Belize Tourism Board, but some applicants choose to seek guidance through Georgetown Trust to simply the application process. 

Along with the application, you'll need to supply documents like birth certificates, proof of income, marriage certificates if applicable and a recent background or criminal record check.

Through the Qualified Retirement Residency Program, you can fulfill your dreams of life in a tropical destination and retire in the beautiful country of Belize.

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Topics: Residency Services